NACH Debit payments are processed and paid to merchants on the same day they are charged, or the next working day.
Payment can be created at any time and scheduled for a certain date. If the scheduled date is an NACH working day, that will be the charge date. Otherwise, LotusPay will automatically schedule the payment on the next NACH working day.
NACH working days are identical to RTGS working days. RTGS working days include Monday to Friday, first, third and fifth Saturdays of each calendar month, and exclude national holidays and some other holidays as determined by the Reserve Bank of India (RBI).
Payments are submitted to the banking system on the charge date, if the mandate is active and if no mandate cancellation has been requested.
For subscription-linked payments:
- The day before the charge date: Subscription creates payment at 9am. You may cancel it during the next 24 hours.
For ad hoc payments:
- Charge date: Ad hoc payment submission deadline is 9am. Note: During April 2020 this cut-off time is brought forward to 7.30am as the banking system has fewer resources and needs extra time due to the nationwide lockdown.
For subscription-linked payments and ad hoc payments:
- Charge date: LotusPay submits all payments to the banking system shortly after the above times. Funds for successful payments are received usually between 7pm and 10pm.
For settlement timings, click here.